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Another shady business relationship has Wall Street worried about Valeant

View photosMoreJoseph Papa Valeant

(Joe Papa, CEO of Valeant.Reuters)
Wall Street is beginning to raise questions about a mysterious business distributing drugs for Valeant Pharmaceuticals.

Does that sound familiar?

Analyst David Maris over at Wells Fargo
says the drugmaker has been loath to answer questions about Direct Success, a Florida based company that distributes Valeant's number two product, depression treatment Wellbutrin XL.

This is not especially encouraging. Recall that Valeant's stock has fallen around 90% in the past year, since we learned of a secret pharmacy that exclusively sold Valeant drugs. The existence of this business — called Philidor — raised questions about the company's business practices and sparked a number of ongoing state and federal investigations. Authorities are looking into whether or not the compay committed...